Reference no: EM132813355
During the year 2020, Max Company received interest amounting to P61,500. Additional information relating to interest income is shown below.
Accrued interest income, January 1, 2019 3,000
Accrued interest income, December 31, 2019 4,000
Unearned interest income, January 1, 2019 5,000
Unearned interest income, December 31, 2019 7,500
Problem 1: How much is the accrual basis interest income for the year 2020?
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